Whole of Life Assurance

Unlike either Term Assurance or Endowment Assurance, a Whole of Life Assurance is a permanent policy, i.e. it lasts for the whole of one’s life.

Premiums are paid right up until death but there can be Whole Life contracts called Limited Premium Whole Life where premiums cease at a specific age, usually 65 or 80, although the contract itself continues until death.

Since there is no need to fund at quite so high a level with Whole Life as there is with the Endowment, because the sum assured is paid out on only one eventuality and not two, the investment element in the premium is less than in the Endowment premium.

The variations on Whole Life are the same as on Endowment, i.e. Non-Profit, With-Profit and Unit-Linked.